The Reserve Bank of India Announced a Special Dollar-Supply Facility for 3 State-Owned Oil Companies

INDIA RESET WATCH: RBI TAKES NEW STEPS TO DEFEND THE RUPEE AS DOLLAR PRESSURE MOUNTS India’s central bank is redirecting major oil companies’ dollar purchases and tightening foreign-exchange rules as rising energy costs and global financial pressures push the rupee toward record lows. OVERVIEW • The Reserve Bank of India (RBI) announced a special dollar-supply facility for three state-owned oil companies to reduce their demand for dollars in the open currency market. • New restrictions target excessive foreign-exchange speculation and hedging, including a sharp reduction in the transaction threshold for certain derivatives without proof of underlying exposure. • The rupee…